…Finance Technology company takes a step closer to winning Connecticut’s $5 million global venture challenge
SOCIAL LENDER
Social Lender, a lending solution based on social reputation on mobile, online and social community platforms, today announced that it has advanced to the semifinalist round of the 2018 VentureClash competition. VentureClash, managed by Connecticut Innovations, is a $5 million global venture challenge for early-stage companies in digital health, financial technology, insurance technology and the Internet of Things.
Social Lender was founded in 2015 and has signed up over 15,000 users on their platform and recorded less than 4.1% bad debt on loans facilitated through their platform. Over 60% of Social Lender’s first time borrowers return to the platform for more transactions. The Company has signed partnerships with Financial Institutions in 2 Countries of Operations including: Sterling Bank (Nigeria), Absa Barclays Bank (South Africa), and iTrust (Nigeria) with a pipeline of 5 partners in 2 countries. Social Lender is accessible on multiple channels which include SMS, USSD and Web.
The VentureClash competition attracted nearly 300 applications from more than 20 countries around the world. Social Lender was one of 34 companies selected to advance to the next round.
“Each year, the application pool gets stronger and stronger for VentureClash, and this year is no exception,” said Matt McCooe, CEO of Connecticut Innovations. “We’re extremely excited about our semifinalists this year and look forward to getting to know Social Lender during the process.”
Social Lender claims to be building a social network of Trust, Credit and much more…
VentureClash 2018 finalists will be announced on September 7, and those chosen will compete at the VentureClash finals event, to be held on October 18, 2018, at the Yale School of Management in New Haven, Connecticut.
About Social Lender
Social Lender is a lending solution based on social reputation on mobile, online and social community platforms. Small cash requests are offered to members of Social Lender communities with a valid bank account. Cash requests are guaranteed based on the user’s Social profile and reputation.
Social Lender uses its own proprietary algorithm to perform a social audit of the users’ online, on mobile, on social media and other related platforms and give a Social Reputation Score to each user. Users can borrow from banks and other financial institutions based on their Social Reputation Score. Social Reputation Score can be improved by providing more information e.g. social reputation score is improved by the introduction of Social Guarantor who provides electronic personal guarantee on the personality of the borrower or the transaction.
Social Lender delivers cash guaranteed by social reputation in most cases within 10 minutes. In three steps, users are able to get quick cash from Social Lender. First, users access Social Lender’s platform using any of the following channels; Web, SMS, USSD, Mobile App (Partner App Add-On or Dedicated Apps), Partner Bank ATMs, APIs or Pay with Social Lender (E-commerce Checkout). Immediately a social audit is conducted on the user (with user’s permission) and the user obtains a social reputation score based on their digital fingerprint. Second, the user applies for cash using any of the available channels. Third, funds are approved based on partner specific business rules and funds is disbursed to the users’ verified Account (Bank Account or Mobile Money Account) usually within 10 minutes.
About VentureClash
Managed by Connecticut Innovations, VentureClash is Connecticut’s global venture challenge focused on early-stage companies. The challenge identifies high-potential companies in digital health, fintech, insurtech and the Internet of Things that will receive investments from a $5 million investment award pool. Learn more at www.ventureclash.com.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is Connecticut’s strategic venture capital arm and is the leading source of financing and ongoing support for innovative, growing companies. CI provides venture capital and strategic guidance for early-stage technology companies, and connections to its well-established network of partners and professionals. For more information, visit www.ctinnovations.com.
